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CHAP.
LXVII.
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terior to their arrival at the age of twenty-one years, of the other directors at least three shall be
persons who served an apprenticeship to a mechanical business; and that there shall be an election
of sixteen directors, by ballot, on the third Monday in April next, and on the third Monday in
April in each and every year thereafter, by the stockholders or proprietors of the capital stock of
said corporation, and by plurality of votes, at such place, and in such manner, as, the president and
directors for the time being shall appoint, and those who shall be chosen at any election shall be
capable of serving as d: re6\ors, by virtue of such choice, until the end or expiration of the third
Monday in April next ensuing the time of such election, and no longer, except in case of failure of
election on the day appointed, and in that case until such election takes place, and the said directors,
at the first meeting after each election, shall choose a president; and in case it should happen that
an election of directors should not be made upon the day when pursuant to this act it ought to
have been made, the said corporation shall not for that cause be deemed to be dissolved, but it shall
be lawful on any other day, within ten days thereafter, to hold and make an election in such manner
as shall have been regulated by the laws and ordinances of said corporation; and in the case of the
death, resignation, disqualification, or removal out of the city and county of Baltimore, of a direc-
tor, or his being appointed president of the bank, his place may be filled up by the directors for the
remainder of the year, giving the preference to some one of those persons voted for by the stock-
holders at the election last past.
VIII. AND BE IT ENACTED, That whenever the state shall become a stockholder to the amount
of forty thousand dollars, she shall be entitled to two directors, and the election of said directors;
shall be annually made, by joint ballot of both houses, either during the session of the general as-
sembly at which such investment shall be made, or is directed to be made, or the first session after
the state shall so have become a stockholder to the amount aforesaid.
IX. AND BE IT ENACTED, That the directors for the time being shall have power to appoint a
cashier, and such other officers and servants under them as may be necessary for executing the bu-
siness of the said corporation, and to allow to them and to the president such compensation for their
services respectively, as shall by them be deemed reasonable.
X. AND BE IT ENACTED, That the president and directors, for the time being, may make all
such rules, orders, by-laws and regulations, for the government of the said corporation, its officers
and servants, as they, or a majority of them, from time to time shall think fit, not inconsistent
with law ar the provisions of this act, and the same at pleasure to revise, alter and annul, and may
use, employ and dispose of the funds, money and credits, of the said bank, as they, or a majority
of them, may deem expedient, subject, however, to the restrictions and limitations herein after
mentioned; and the books, papers, correspondence and funds, of the corporation, shall at all times
be subject to the inspection of the directors.
XI. AND BE IT ENACTED, That the following rules, restrictions, limitations and provisions,
shall form and be the fundamental articles of the constitution of said corporation, to wit:
1. The number of votes to which each stockholder shall be entitled according to the number of
shares he shall hold, in the proportions following; that is to say, for one share and not more than
five shares, one vote; for every five shares and not more than ten shares, two Votes; from ten to
twenty shares, three votes; from twenty to thirty shares, four votes; from thirty to forty shares,
five votes; from forty to fifty shares, six votes; from fifty to sixty shares, seven votes; from sixty
to seventy shares, eight votes; from seventy to eighty shares, nine votes; from eighty to one hun-
dred shares, ten votes; and no share or shares shall confer a right of suffrage which shall not have
been holden four calendar months previous to the day of election; stockholders actually resident
within the United States, and none other, may vote at elections by proxy.
2. None but a stockholder, being a citizen of the United States, and residing in the city or
county of Baltimore, except the directors appointed on the part of the state, shall be eligible as a
director or president, and every president or director, as the case may be, shall cease to be a direc-
tor or president upon his ceasing to be a stockholder, or to reside in the city or county of Balti-
more, except as before excepted.
3. No director of any other bank shall be a director in this bank, nor shall any person be a direc-
tor in this bank who is a partner in trade with a director in any other bank, and four of the directors
elected by the stockholders shall go out annually.
4. The president and directors, for the time being, shall give four weeks notice in two or more
news-papers printed in the city of Baltimore, of the time and place of holding the election of di-
rectors annually.
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